MORE POWER!!!
Google and two unfamiliar sounding business partners have received a key first-approval for construction of a $5bn power transmission project, linking the landward power grid to several wind farms to be built off the US Mid-Atlantic coast. (The Federal Energy Regulatory Commission (FERC) has ruled the project can earn a 12.59% return on equity (ROE) – a bit less than the 13.58% requested.)
The partners are Google, Good Energies and Marubeni. The project will connect 6,000MW of offshore wind capacity to grid segments from New Jersey, Delaware, Maryland – on down to Virginia. Other permitting approvals are still required but the money and FERC approvals look solid…
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